FY 2025: BetMGM Profitability Supports $270m Cash Return to Parents

BetMGM announced full-year 2025 results on 4 February, reporting records as net revenue reached $2.8bn and EBITDA inflection supported a $270m cash return.

The jointly owned operator holds a 13% gross gaming revenue market share across active markets and reported net revenue growth of 33% year-on-year. Revenue from iGaming reached $1.8bn after 24% growth. Sports betting online brought in $903m following a 63% surge. EBITDA performance was stunning at $220m. Last year’s $244m loss became a distant memory with $464m improvement. BetMGM said performance reflected strategic initiatives aimed at player engagement and retention, supported by product enhancements across both operating verticals.

Fourth quarter results showed net revenue of $780m and represented a 39% year-on-year increase driven partly by favourable sports results in December. Chief executive Adam Greenblatt said 2025 set records and exceeded expectations as execution of the refined strategy progressed at scale. He added that Q4 2025 completed a year of step-change performance across iGaming and online sports through engagement, player economics, management discipline, and continued platform development.

BetMGM States Operational Progress Continues to Support Growth

The operator reported iGaming strength across the period as average monthly activities increased 24% year-on-year and active player days rose 14%. During the same period, BetMGM maintained a 21% iGaming market share, supported by exclusive content including Wizard of Oz, The Price Is Right and Friends titles. Online sports betting performance improved as net gaming revenue margin expanded 170 basis points year-on-year across the brand portfolio. Handle per active player increased 26%, while net gaming revenue per active player rose 77%, reflecting refined player management and expanded product capabilities. The operator also reported Nevada performance as average monthly activities increased 19% year-on-year and grew 26% through collaboration with MGM Resorts properties.

Fiscal 2026 net revenue projections sit between $3.1bn and $3.2bn. EBITDA adjusted targets range from $300 m to $350m. Fiscal 2027 should bring $500m adjusted EBITDA. Q1 2026 starts parent fee payments. From the first quarter of 2026, BetMGM will begin parent fee payments to MGM Resorts and Entain for licences and services following sustainable profitability. Greenblatt said improved profitability and EBITDA generation support cash returns to parent companies and confirm a clear inflexion in growth trajectory. He added that underlying metrics and business health support confidence for 2026 and beyond as BetMGM focuses on execution during the next growth phase.